Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1887-05-06
AN OFFICIAL REPORT.
TIE LEGISLATIVE DnHr COMMITTEE
HEARD PROM.
They Give Very General summariration
Of the Proceedings Of the
Conference.

Speaker Stuart, in the House. and
General WickhGm, in the Senate, yes
terday presented the following report,
which, in each body, was ordered to be
printed.
10 tic Senate and House Of Delc-
gGtcS.
Your committee respectfully repor.
that IN the discharge OF the duty i'm
posed upon them by the joint resolu-
tons under which they were appointed
they have had frequent conferences
with the commission of the Council of
Foreign Bondholders.
That they have ascertained that the
Council Of Foreign Bondholders vir-
tually influence majority of the con
sol and ten-forty bonds OF Virginia
and the committee believe that any
agreement made with this commission
will be accepted by the bondholders
and will forever settle the debt ques-
tioD, which has been for so long a
period disturbing element in our
State.
Your committee. fortified by an
array OF figures and facts which they
regard as unanswerable, have endeavOr-
cd to satisfy the commission that be-
yond certain sum it would be utterly
impossible for the people of this State
to provide means to meet the obliga-
tons to the creditors of the State.
Finally n proposition, or rather a
suggestion of basis of settlement, was
presented by the commission which re-
quired a sum of money 10 be provided
to meet the intcrcs, that would exceed
so far the revenue OF the State availa-
bic for the payment OF interest on the
debt that. whist the members of your
committee differed to some extent as
to the amount cf revenue applicable to
the payment OF interest on the debt,
your committee felt compelled to say
to them most formally that upon that
basis it would be improper for this ne
gotiGtion to proceed further. Until
this difficulty was removed any further
consideration of the remaining features
Of the proposition suggested was unne-
cessary
The commission then asked that they
might have time afforded them to com
municate by cable with their princi-
pals-they having no authority TO go
beyond the basis they suggested with
out further consultation with their prin-
cipals.
Your committee, desirous of leaving
no reasonable effort to bring about a
fair settlement of this harassing ques-
tion uuessayed, deemed it proper to ac-
ceGe to the request of the commission
in that particular, and adjourned to a
further session on Saturday, or sooner,
should the commission be prepared for
further action.
Your committee deem it proper to re-
fer to the criticism to which they have
been subjected for endeavoring to keep
the details of their conferences private
until they could arrive at results which
could at once 60 TO the public. In ne
gotiations of subjects involving such
large interests as those involved, giving
publicity to the delicate points dis
cussed, would be likely to greatly en-
barrass those conducting them, and it
was the unanimous wish of this commit
tee, and of the commission, that the
proceedings should be conducted as
they have been.
Your committee wish to pursue the
same policy until they are prepared to
make final report, which they hope to
be able to do within reasonably few
davs